Technology

JS Bank becomes Pakistan’s first bank to be recognized by the World’s largest climate fund

JS Bank has become Pakistan’s first financial institution to have been accredited by the Green Climate Fund (GCF), the world’s largest climate fund. The Fund aims to provide facilities to private sector corporations in emerging economies for limiting or reducing greenhouse gas (GHG) emissions through investments in low-emission and climate-resilient programs.

As an accredited entity, JS Bank will be able to apply for funding of up to USD 250 million per project. Currently, the Fund has 102 active projects worldwide and has pledged a total of USD 10.3 Billion. JS Bank can also mobilize additional funds from private sector investors to support action on climate change. In addition to opening new paths of local and international funding, the Bank can partner in contributions to climate adaptation and mitigation financing in Pakistan. This approval was based on JS Bank meeting GCF’s stringent criteria including fiduciary standards, environmental and social safeguards and specialized capacities in driving climate action.

As per the Global Climate Risk Index 2018, Pakistan is the seventh most vulnerable country facing long-term climate risk. Hence, there is an urgent need to embark upon multiple initiatives to mitigate the impact of climate change. With the presence in 172 cities in Pakistan, JS Bank has a strong commitment to sustainable development and will continue working with customers, clients, businesses and the government to respond to the challenges posed by climate change. The Bank has a demonstrated record of undertaking environmental and social initiatives in the areas of clean energy, energy efficiency, transport, and infrastructure.

Sponsored
Sajeel Syed

I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism. Follow me on Twitter: https://twitter.com/sajeelshamsi

Share
Published by
Sajeel Syed

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

1 hour ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

2 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

3 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

3 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

4 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

6 hours ago